Granules India’s promoters have sold 50 lakh shares to a group of reputed investors in a block deal on the stock exchanges, to mobilize about Rs 50 crore. In addition to it, the promoters are also monetizing personal assets worth up to another Rs 50 crore, which is expected to be complete shortly.
The funds raised through these transactions will be used to reduce promoter leverage by up to Rs 100 crore and which will subsequently bring down the Promoters pledged position to around 30% from current level of 54%.
Granules India is manufacturer and supplier of pharmaceutical products. Its products include active pharmaceutical ingredients (API) like tablets, caplets, rapid release, pharmaceutical, formulation intermediates (PFI) and Finished Dosages (FDs).
